New marijuana business deals are creating superpower companies in the U.S. and Canadian cannabis markets as MedMen purchases PharmaCann for $682 million. Now the largest American marijuana business, MedMen has licensed business in 12 states among 79 facilities including retailers, cultivators and processing buildings. Often compared to Apple stores due to their modern and high tech facilities MedMen operates 14 stores in California, Nevada, and New York, as well as newly awarded licenses for 30 stores in Florida, and even more to come in Illinois and Arizona. While many U.S. marijuana stocks are showing trends towards a down week MedMen is still not currently listed on the U.S. stock exchange and has not announced any plans for it.
Among marijuana stocks trading in the U.S., Tilray (TLRY) was down 3.55% on the stock market today and is headed for its first weekly loss since its July IPO. Canopy Growth (CGC) fell 1.5% Thursday and Cronos Group (CRON) sold off 5.7%. Both are also on pace for down weeks.
For now, MedMen hasn't disclosed a plan to list on a U.S. exchange, as marijuana is still illegal in the U.S. on a federal level. But more Canadian companies, including Aurora Cannabis and Aleafia Health, are set to join the expanding tally of U.S.-listed marijuana stocks